2022 Annual Surveillance--Jianyuan Series Residential Mortgage-Backed Securities Transactions

Rating Reports

29 , 2022

Enjie Zhang Siyue Zhu Jiarong Li Kaiyan Li Jieqiong Du

Rating Action: 2022 Annual Surveillance--Jianyuan Series Residential Mortgage-Backed Securities Transactions

Structured Finance

Issuer Credit Rating：-

Issue Credit Rating： AAAspc(sf)

Outlook: -

BEIJING, July 29, 2022 - S&P Global (China) Ratings has conducted surveillance on twelve transactions under the Jianyuan Series of Residential Mortgage-Backed Securities, originated by China Construction Bank Corp.(CCB).

Jianyuan 2019-10 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	N/A*	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown.

Jianyuan 2019-12 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2020-2 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	N/A*	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)
B	AAA_spc(sf)	AAA_spc(sf)

*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown.

Jianyuan 2020-4 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2020-10 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2020-13 Residential Mortgage-Backed Securities：

Class	Current Rating	Previous Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-1 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-4 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-6 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-7 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-8 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)
B	AAA_spc(sf)	AAA_spc(sf)

Jianyuan 2021-13 Residential Mortgage-Backed Securities：

Class	Current Rating	Initial Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)
A-4	AAA_spc(sf)	AAA_spc(sf)

S&P Global (China) Ratings’ affirmation of the above ratings reflects the following factors. Further details can be found in our methodology and within the full surveillance rating reports:

Credit Quality of the Securitized Assets
Payment Structure and Cash Flow Mechanics
Operational and Administrative Risk
Counterparty Risk
Legal and Regulatory Risk

Methodology Applied:

S&P Ratings China--Structured Finance Methodology

Related Research:

Commentary: Understanding Our Approach to China Residential Mortgage-Backed Securities

Models Applied:

SPG China Ratings RMBS Credit Model

SPG China Ratings Structured Finance Cash Flow Engine

Media Contacts:

Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.cn

Analyst Contacts:

Enjie Zhang, Beijing; enjie.zhang@spgchinaratings.cn

Siyue Zhu, Beijing; april.zhu@spgchinaratings.cn

Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn

Kaiyan Li, Beijing; kaye.li@spgchinaratings.cn

Jieqiong Du, Beijing; jieqiong.du@spgchinaratings.cn

Return to List